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LFC Group's Lovegrove

'We have definitely noticed an increase in sellers using our services since the credit crunch began.'

By Erika Morphy | Updated on March 23, 2008

Land has become the asset class of choice for many investors, in large part because it can often be had at huge discounts. Indeed, funds are being formed specifically to pick up such deals, both by domestic investors and foreign-based ones, as seen in a recent GlobeSt.com story.

Kelly Lovegrove, as director of operations at the LFC Group of Cos. here, has a front row view of these trades. Increasingly sellers are turning to online auctions to market their inventory — as opposed to more traditional means of using brokers or even ‘outcry’ auctions where parcels would be sold off to the highest bidder present at the auction.

Lovegrove does not claim that sellers realize a greater price by putting parcels to bid online. What she does claim is that the technology allows more investors to participate — especially from such areas as Singapore or Hong Kong — and thus gives the seller a better picture of the land’s true value. For this and other reasons, she tells GlobeSt.com, “we have definitely noted an increase in sellers using our services since the credit crunch began.”

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